Galantas exits Omagh gold project in $5M deal

AI desk brief

Galantas has sold its remaining 20% indirect interest in the Omagh gold project for $5 million, fully exiting the long-delayed Northern Ireland asset and shifting focus to Chile. About $3.26 million of proceeds was used to settle debt and other obligations owed to Ocean Partners, with the balance paid in cash; Galantas had previously valued the stake at about $4.1 million as of June 30.

The deal completes a restructuring that already left Ocean Partners in control of Omagh after converting roughly $14 million of debt into an 80% stake. Galantas also gave up the right to convert the disposed stake into a 3% NSR royalty, and will now concentrate on its Chilean gold and copper portfolio, including Andacollo and Indiana.